Dodge & Cox Portfolio holdings
Dodge & Cox, founded in 1930 by Van Duyn Dodge and E. Morris Cox in San Francisco, California, is an independent, employee-owned investment management firm renowned for its disciplined, value-oriented approach to long-term investing. Managing over $350 billion in assets as of late 2024, the firm offers a concise lineup of mutual funds and separate accounts focusing on U.S. and international equities, fixed income, and balanced portfolios, serving individual and institutional investors with a low-turnover, research-driven strategy. Known for its team-based decision-making and contrarian stance—buying undervalued securities others overlook—Dodge & Cox has maintained a consistent philosophy through decades, avoiding trend-chasing and emphasizing fundamentals, even during market volatility like the 2008 crisis. With a tight-knit team of about 300 employees and no proprietary trading, the firm’s commitment to simplicity, low fees, and client alignment has earned it a loyal following and a reputation as a steadfast player in asset management.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SUNB
Sunbelt Rentals Holdings
SUNB
|
+$3.73B |
| 2 |
Microsoft
MSFT
|
+$1.89B |
| 3 |
Arthur J. Gallagher & Co
AJG
|
+$1.5B |
| 4 |
Roper Technologies
ROP
|
+$1.23B |
| 5 |
Booking.com
BKNG
|
+$1.22B |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FedEx
FDX
|
+$1.94B |
| 2 |
GE Aerospace
GE
|
+$1.4B |
| 3 |
Sanofi
SNY
|
+$1.26B |
| 4 |
Norfolk Southern
NSC
|
+$1B |
| 5 |
CVS Health
CVS
|
+$827M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 21.3% |
| 2 | Financials | 19.23% |
| 3 | Industrials | 13.8% |
| 4 | Technology | 11.38% |
| 5 | Communication Services | 10.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Medtronic
MDT
$116B
| $667M | 0.37% |
7,694,608
-43,435
| -0.6% | -$4.16M |
|
77
Linde
LIN
$220B
| $658M | 0.36% |
1,326,590
-3,000
| -0.2% | -$1.42M |
|
78
Alnylam Pharmaceuticals
ALNY
$30.4B
| $638M | 0.35% |
1,929,253
-35,162
| -2% | -$12M |
|
79
Fox Class A
FOXA
$27.5B
| $636M | 0.35% |
10,896,842
-716,601
| -6% | -$45.7M |
|
80
XP
XP
$8.18B
| $623M | 0.34% |
32,726,688
-1,233,857
| -4% | -$23.8M |
|
81
Millicom
TIGO
$15.8B
| $612M | 0.34% |
8,162,432
+29,300
| +0.4% | +$1.92M |
|
82
Adobe
ADBE
$108B
| $607M | 0.33% |
2,495,595
+331,120
| +15% | +$91.7M |
|
83
Gaming and Leisure Properties
GLPI
$12.7B
| $597M | 0.33% |
13,458,157
-131,805
| -1% | -$6.11M |
|
|
RAL
84
Ralliant Corp
RAL
$7.9B
| $572M | 0.31% |
13,747,551
+1,532,872
| +13% | +$72.1M |
|
85
VF Corp
VFC
$5.79B
| $561M | 0.31% |
33,024,625
-7,655,225
| -19% | -$144M |
|
86
TC Energy
TRP
$65.8B
| $557M | 0.31% |
8,892,400
-401,900
| -4% | -$24.2M |
|
87
Pinduoduo
PDD
$120B
| $464M | 0.25% |
4,537,600
+97,800
| +2% | +$10.3M |
|
88
State Street
STT
$52.2B
| $443M | 0.24% |
3,499,879
-1,244,275
| -26% | -$159M |
|
89
Yum China
YUMC
$16.2B
| $407M | 0.22% |
8,351,762
-202,200
| -2% | -$10.5M |
|
90
Microchip Technology
MCHP
$42.2B
| $396M | 0.22% |
6,129,716
-57,758
| -0.9% | -$4.15M |
|
91
Fox Class B
FOX
$24.4B
| $381M | 0.21% |
7,178,894
-78,933
| -1% | -$4.56M |
|
92
Aegon
AEG
$13.9B
| $367M | 0.2% |
50,556,509
-19,966,322
| -28% | -$149M |
|
93
JD.com
JD
$39.6B
| $361M | 0.2% |
12,194,648
| – | – |
|
94
BioNTech
BNTX
$23.1B
| $327M | 0.18% |
3,676,791
+62,300
| +2% | +$6.4M |
|
95
News Corp Class A
NWSA
$15.6B
| $306M | 0.17% |
12,256,246
-193,049
| -2% | -$4.79M |
|
96
Bristol-Myers Squibb
BMY
$132B
| $280M | 0.15% |
4,622,820
-2,455,430
| -35% | -$143M |
|
97
NetEase
NTES
$78.5B
| $241M | 0.13% |
2,156,976
+2,600
| +0.1% | +$323K |
|
|
98
GE Aerospace
GE
$374B
| $209M | 0.12% |
737,999
-4,453,578
| -86% | -$1.4B |
|
|
VSNT
99
Versant Media Group
VSNT
$5.42B
| $167M | 0.09% |
+4,510,956
| New | +$152M |
|
100
Itaú Unibanco
ITUB
$80.9B
| $161M | 0.09% |
19,169,381
+49,271
| +0.3% | +$412K |
|
Similar funds
Dodge & Cox's Q1 2026 Portfolio in Review
As of Q1 2026, Dodge & Cox held 228 positions worth $182B, down 1.8% from $185B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Dodge & Cox's Q1 2026 filing shows 6 new, 50 increased, 110 reduced and 6 closed positions. Its largest new stake was Sunbelt Rentals Holdings: 53,101,847 shares worth $3.46B. The largest sale was FedEx, an estimated $1.94B.
By sector, the portfolio is most concentrated in Healthcare at 21% of assets, down from 24% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q1 2026 buy was Sunbelt Rentals Holdings: 53,101,847 shares worth $3.46B.
- Dodge & Cox added most to Microsoft in Q1 2026, an estimated $1.89B increase.
- Dodge & Cox's biggest Q1 2026 reduction was FedEx, cutting an estimated $1.94B.
- Dodge & Cox fully exited Amrize Ltd in Q1 2026, selling an estimated $293M.
- Dodge & Cox's ten largest holdings make up 27% of its $182B portfolio in Q1 2026.
- Dodge & Cox opened 6 new positions and closed 6 in Q1 2026.
- Dodge & Cox's portfolio value fell 1.8% quarter-over-quarter to $182B.
Based on Dodge & Cox's 13F filing for Q1 2026, filed 14 May 2026.